all mineral deposits in WA are Western Australian assets - not...

all mineral deposits in WA are Western Australian assets - not assets to be warehoused by some UK based company that best suits there needs and remember they where granted the rights to mine these deposits on the basis they where developed in a certain time frame (5 years)

whilst it could be agrued that IO prices didn't support the mines development, all mining companies know that prices go through cycles...development of rhodes ridge 30 odd years ago would have ensured that supply of IO cold have been easily increased (wihout the need for new mine development) to match the increased demand from China

in light of the recent comments by our prime minister and taking a blow torch to OPEC, I'm sure the Chinese think the same of the WA govt and Rio & BHP, in regards to IO, who have ensured the organised restriction of supply and hence higher prices (85% as of today)

whilst BHP & Rio rejoice at these price increases there is little joy for the global economy as these increases in effect adds inflationary pressures within and outside China

your claim of a free market couldn't be further from the truth....it is a government endorsed oligopoly that until FMG came along basically excluded other entrants